Sector News

Global energy consumption trends ‘unsustainable’ – BP’s CEO

June 12, 2019
Chemical Value Chain

Get involved in the discussion! Click here to comment on this story

The current trends in global energy demand growth and consumption are not sustainable, and continue to push away from carbon dioxide (CO2) reduction targets necessary to meet the Paris Accord commitments, the CEO at UK’s energy major BP said on Tuesday.

US coal trainIn what Bob Dudley termed an “unwelcome development”, carbon emissions rose at the fastest rate in seven years at a time when they should be falling.

“2018 was just astonishing,” he said, speaking at the launch of BP’s annual world energy review in London.

“There have been some incredible developments, and not just for the better.”

Energy consumption rose at its fastest rate in a decade on the back of developing world growth driven by India and China, but also by the US, which posted its highest demand growth levels in 30 years.

The US’ shale sector also drove unprecedented increases in oil and gas output last year, with capacity increases in both energy classes the highest of any country since BP began its annual energy review 68 years ago, according to Dudley.

“Goes to show what an energy powerhouse the US has become,” he said.

COAL BOOMS
Bob DudleyLast year also recorded the second consecutive rise in coal demand growth, after three years of falls in what Dudley termed “a worrying trend”.

Meanwhile, renewable energy output rose, but not at a rate that is likely to be sufficient to offset the growth in emissions from other sources.

The unexpectedly high demand and emissions growth and the rebound in coal consumption mean that governments are moving further from rather than closer to the kind of energy transition envisaged in the Paris Accord, Dudley added.

“The world is not on a sustainable path, if anything we are moving further away from it rather than getting closer,” he said, noting that the more carbon dioxide (CO2) emissions continue to rise, the tougher the adjustments will be.

Source: ICIS News

Join the discussion!

Your email address will not be published. Required fields are marked *

Related News

November 18, 2019

Aramco IPO values company at $1.62–1.72 trillion

Chemical Value Chain

LinkedIn Twitter FacebookSaudi Aramco on Sunday said it will list a 1.5% stake, or 3 billion shares, on the Tadawul (Riyadh) stock exchange in its initial public offering (IPO). The […]

November 15, 2019

The new era of sustainable supply chains

Chemical Value Chain

LinkedIn Twitter FacebookTo improve sustainability, materials manufacturers are welcoming new digital technologies and process innovations into their global supply chains From palm oil to plastics, the global supply chains of […]

November 14, 2019

Current chems recycling not enough to make significant dent in oil demand – IEA

Chemical Value Chain

LinkedIn Twitter FacebookChemicals recycling technologies that would pave the way for petrochemicals to avoid crude oil as feedstock are still not sufficient to drag down overall demand in coming decades, […]

Subscribe to our Weekly Newsletter

We're easy to reach